Florida Home Builder’s Daughter Defaults on Sales Contract

Wendy Topkis, the daughter of Toll Brothers co-founder and Vice Chairman Bruce Toll, is walking away from a Florida condo.

Not only is she walking away from a condo due to the 13 percent drop in Florida home prices, but the condo is a Toll Bros. condo.  Toll Brothers released this statement regarding the condo:

Prior to fiscal 2007, the Company entered into an agreement of sale to build and sell a condominium to Wendy Topkis, Bruce E. Toll’s daughter, and her husband for a purchase price of $2,468,075. In January 2008, the buyers informed the Company that they did not intend to make settlement on the condominium. The Company intends to pursue its rights under the agreement of sale.

Bruce Toll is quoted as saying she just changed her mind because she had another child and the place would be too small. However, Wendy has probably read one too many newspaper articles about the declining Florida home values. So Wendy just adds to the company’s 61 percent cancellation rate in the Sunshine State.

To read more about Florida taking it’s toll on daughter’s condo head on over to CNBC.